posted on Aug, 11 2011 @ 02:11 AM
Citibank did not take the bailout money. I know, because they told me that when I was getting a loan modification. They did not come under the Obama
loan modification program because they did not take the TARP funds. Hence, I got a traditional loan modification: drop in interest, with about 25%
of principal moved to the end of a 40 year period without accumulating interest on it. Not a bad deal, very much like the Obama deal, and it worked
for us. We were qualified because of (1) loss of job and (2) breast cancer medical bills ($250k).
The Citibank was great, but the catch is that you have to get the paperwork in on time and complete. There is no room for error on the part of the
homeowner. You jump when they say jump, and you inquire about the process every day or so to see where your paperwork is moving to.
Persistence pays off, but only with accuracy.
I expect that Citibank will do ok, as they have had pretty good financials so far. Bank of America is in so many foreign countries, it has stability
just by sheer size. In my opinion, it is a good investment if the stocks are down.
Way too much fearmongering on this thread. Economics fluctuate. You can't look at the hour by hour deals, just look at the long term.